Norwest has closed Norwest 18, a $4 billion global investment fund that will back venture and growth equity opportunities across technology, healthcare, and consumer markets. The vehicle is the largest fund in the firm’s 65-year history and increases its total capital under management to $18 billion.
Norwest will deploy the new fund across the United States, India, and Israel, continuing a strategy that spans early-stage venture investments through later-stage growth equity. The firm said this flexible approach allows it to begin working with companies at different stages and continue supporting them as their capital requirements and operating priorities evolve.
Since launching Norwest 17 in April 2024, the firm has completed more than 87 investments and worked with over 30 portfolio companies on liquidity events. Initial public offerings during that period included Amagi Media Labs, BillionToOne, MBX Biosciences, Omada Health, and Swiggy.
Strategic acquisitions involving Norwest-backed businesses included EQT’s acquisition of Avetta, Luminate Capital Partners’ purchase of AbsenceSoft, Gilead Sciences’ acquisition of Ouro Medicines, Salesforce’s purchase of Qualified, Pinterest’s acquisition of tvScientific, and ServiceNow’s purchase of Veza.
Norwest 18 will maintain the firm’s primary sector focus while increasing its exposure to emerging categories. Areas of interest include next-generation financial infrastructure, physical and voice AI, agentic cybersecurity, technology-enabled industrial and aerospace businesses, and healthcare AI.
Recent financial infrastructure investments include Beltic, Rain, and Stablecore. Norwest has also backed Coval, Generalist AI, and LlamaIndex in intelligent AI systems; Above Security, ORION Security, Red Access, and Zenity in cybersecurity; and East Range Group, Padmini VNA, JJG Aerospace, and Raghu Vamsi Aerospace Group in industrial and aerospace markets.
Healthcare investments include Infinx, Matchpoint Therapeutics, Rezo Therapeutics, Tokaido Health, and Vitalize Care. These businesses are applying AI to drug discovery, clinical and administrative workflows, healthcare access, and care-team productivity.
Beyond financing, Norwest provides portfolio companies with operating support and strategic guidance. The firm has doubled the size of its Senior Advisor Network, added operating executives, and launched the Norwest Operator Collective and Norwest Kinetic. These resources are intended to help management teams address technology, go-to-market, talent, and organizational challenges.
Since its founding in 1961, Norwest has invested in more than 750 companies and currently works with over 275 venture and growth equity portfolio companies. Its offices are in Menlo Park, San Francisco, Mumbai, and Tel Aviv.
KEY QUOTES
“Building and scaling a company has never been a linear journey, and today that journey is becoming more complex. Companies are staying private longer, scaling across markets, and navigating critical decisions around technology, talent, and growth. Capital is only one part of what they need. Our role is to be a long-term partner and bring the experience, networks, and resources that can help leadership teams make those decisions with confidence.”
Jeff Crowe, Senior Managing Partner at Norwest
“Markets and technology change, but what has remained consistent at Norwest is our ability to identify strong businesses, invest patiently, and stay closely aligned with the founders, CEOs, and leadership teams we partner with. Our multi-stage strategy allows us to meet companies where they are and continue supporting them as they grow. Norwest 18 gives us even greater flexibility to do that across sectors, stages, and geographies.”
Jon Kossow, Managing Partner at Norwest
